Cosmetics retailer Sasa International announced on Monday (Dec 2) that it will close all 22 stores in Singapore.
About 170 employees will be affected by the decision, the company said in its statement, adding that they will be "fully compensated" according to local employment laws and regulations. The Group's performance in Singapore has been less than satisfactory for many years, and has recorded losses for six consecutive years," Sasa said.
In the six months ended Sep 30, the Group’s turnover for the Singapore operations was S$17.36 million, a decline of 4.6 per cent.
“The Group had taken measures in recent years to restructure the local management team and to enhance store display and product mix with a view to driving sales. Regrettably, the results were far from satisfactory,” it added.
Sasa said it has decided to concentrate its resources on the markets in Hong Kong, Macau, mainland China and Malaysia, as well as its e-commerce business. The retailer added that its core market in Hong Kong has taken a hit due to a "drastic decline in Mainland tourist arrivals".
"After careful consideration, the Group believes that the closure of its business in Singapore will help improve the performance and profitability of its remaining businesses, and is in the best interests of the Group and the shareholders as a whole," the company said. More at https://www.channelnewsasia.com/news/business/sasa-cosmetics-to-close-all-retail-stores-in-singapore-12146180
American furniture and homeware brand Crate and Barrel has announced it will be closing its flagship store in Singapore. The outlet at Orchard Gateway @ Emerald, which first opened its doors to the public five years ago, will remain in operation till Nov 10. The 25,000 sq ft retail space spans five storeys - from Basement 2 to Level 3. With the closure, the American brand will have just one store in Singapore - at Ion Orchard. In a media release yesterday, Crate and Barrel said consumers here can still head to its boutique store at Ion Orchard to view its collection of furniture, kitchenware and other home accessory options. It added that its e-commerce site, which was launched in July last year, will also remain in operation. More at https://www.tnp.sg/news/business/crate-and-barrel-close-flagship-store-nov-10